国泰海通｜新能源：电动重卡市场驶入增长快车道

Group 1 - The core viewpoint of the article emphasizes that the electric heavy truck market in China is experiencing rapid growth driven by the trade-in policy, with significant increases in sales and market penetration expected in the coming years [1][2] - In 2024, China's electric heavy truck market is projected to achieve sales of 82,100 units, representing a substantial year-on-year growth of 140%, with a penetration rate of 13.61%, which has doubled compared to the previous year [1] - By the first three quarters of 2025, cumulative sales of electric heavy trucks in China reached 137,800 units, a year-on-year increase of 184%, surpassing the total sales for 2024, with a further increase in penetration rate to 24.21% [1] Group 2 - In Europe, the electric heavy truck market is accelerating due to stricter carbon emission regulations and the implementation of policies like AFIR, with electric heavy truck sales exceeding 3,000 units in 2023, a threefold increase year-on-year, and a penetration rate surpassing 1% [2] - The sales of electric heavy trucks in Europe are expected to reach 4,291 units in 2024 and 2,410 units in the first half of 2025, with year-on-year growth rates of 35% and 13% respectively, and penetration rates increasing to 1.4% and 1.6% [2] - In the United States, the current level of electric heavy truck adoption is low, with a penetration rate of less than 1%, but growth is beginning to emerge due to policies like the Clean Heavy-Duty Vehicle Grant Program, with projected sales of 1,103 electric heavy trucks in 2024, a 34% increase year-on-year [2]